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The
investment round was backed by institutional investors in Europe
and Africa, including Denmark’s Impact Fund, underscoring
growing interest in Africa’s clean transport and energy sectors.
“This past year marked a defining strategic milestone for
Spiro,” Gagan Gupta, founder of Spiro and chair of Equitane,
said in a statement. “Across seven active markets, our
deployment of 100,000 electric vehicles and 2,500 smart-swap
stations has turned sustainable mobility into an affordable,
everyday reality.”
Gupta said the company’s next growth phase would focus on
delivering transport alternatives to millions of riders across
the continent.
Spiro, which operates in Kenya, Rwanda, Uganda, Togo, Benin,
Nigeria and Cameroon, said the new funding will support the
expansion of its battery-swapping network, strengthen local
manufacturing and assembly operations, and accelerate its entry
into new markets, including the Democratic Republic of Congo and
Ethiopia.
The company did not disclose the valuation tied to the
investment round.
The funding comes as African countries seek to reduce dependence
on imported fossil fuels, improve energy security and modernize
urban transportation as fuel prices rise and demand for
affordable mobility grows.
Lars Bo Bertram, CEO of Impact Fund Denmark, said the investment
reflected confidence in Africa’s electric mobility market.
Electric motorcycles are emerging as a major growth segment in
Africa, where two-wheelers dominate urban transport and delivery
services in many cities.
The firm operates manufacturing plants in Kenya, Rwanda and
Uganda, as well as a battery recycling facility in Nigeria.
Spiro said riders using its electric motorcycles can cut daily
transport costs by up to 40%, saving as much as $2 per day
compared with conventional gasoline-powered motorcycles.
The company said it is also developing solar-powered
battery-swapping stations and second-life battery storage
systems.
Africa’s electric mobility market remains relatively small
compared with China and Europe. Still, analysts say the sector
is expanding quickly as governments introduce cleaner transport
policies and startups develop business models tailored to local
markets, including battery-swapping systems that reduce charging
times and upfront vehicle costs.
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